Australian shares set for a sharp decline at open, NZ dips

Feb 3 (Reuters) - Futures indicated Australian shares were set to open sharply lower on Monday, slipping off their record closing levels as U.S. President Donald Trump's tariffs on China, Australia's top trading partner, threaten frothy equity valuations.

The local share price index futures YAPcm1 slumped 1.1%, an 87.7-point discount to the underlying S&P/ASX 200 index .AXJO close. The benchmark ended at an all-time closing high of 8,532.30 points on Friday.

New Zealand's benchmark S&P/NZX 50 index .NZ50 dipped 1.5% in early trade on Monday.

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